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Statistics for Business and Economics 11th Edition_0083Statistics for Business and Economics 11th Edition_0083
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Filename: statistics for business and economics 11th edition_0005.doc
Chapter 1 Statistics- the science of collecting, organizing, presenting, analyzing, and interpreting data to assist in making more effective decisions. Descriptive statistics- methods of organizing, summarizing and presenting data in an informative way. Inferential statistics(statistical inference)- the methods used to estimate a property of a population on the basis of a sample. Population- the entire set of individuals or objects of interest or the measurements obtained from all individuals or objects of interest. Sample- a portion or part of the population of interest. Qualitative variable(attribute)- a nonnumeric characteristics. Quantitative variable- when the variable studied can be reported numerically Discrete variables- can assume only certain values, and there are gaps between values Continuous variable- can assume any value within a specific range Nominal level- observations of a qualitative variable can only be classified and counted
1. Variable of interest is divided into categories or outcomes 2. Theres is no natural order to the outcomes Ordinal level- 1. Data classifications are presented by sets of labels or names (high, medium, low) that have relatives value
2.because of the relative values, the data classified can be ranked or ordered. Interval level- 1. Data classifications are ordered according to the amount of the characteristics they possess.
2.equal differences in the characteristics are represented by equal differences in the measurements. Ratio level-1. Data classifications are ordered according to the amount of the characte3ristics they possess. 2.Equal differences in the characteristics are represented by equal differences in the numbers assigned to the classification 3.the zero point is the absence of the characteristics and the ratio between two numbers is meaningful CHAPTER 2
Frequency table- a grouping of qualitative data into mutually exclusive classes showing the number of observations in each class. Bar chart- shows qualitative Pie chart- shows proportion or percentage that each class represents of the total number of frequencies Frequency distribution- a grouping of data into mutually exclusive classes showing the number of observations in each class midpoint- halfway between the lower limits and two consecutive classes Class interval-subtract the lower limit of the class from the lower limit of the next class
A relative frequency converts the frequency to a percentage Histogram- frequency distribution based on quantitat5ive data is similar to the bar chart showing qualitative
CHAPTER 3 Measures of location- referred to as averages Measure of dispersion- variation or the spread ( difference) Population mean= sum of all the values in the population/#of values in the population
Represents the population mean Is the number of values in the population Represents any particular value Means adding(sigma) Is the sum of the X values in the population Parameter-the mean of a population
Sample mean=sum of all values in sample/#of values in the sample
Represents the mean #of values in the sample Represents particular number
Adding Sum of the x values in the sample Mean is the balance point; mean unduly affected by unusually large or small values Weighted mean= Median-midpoint of the values after they have been ordered from the smallest to the largest, or the largest to the smallest. Mode- the value of the observation that appears most frequent Skewed distribution- if the distribution is non symmetrical Positive skewed(to the right- meaning is goes from largest to smallest)- the mean is the largest of the three measures Negative skewed (skewed to the left)- mean is lowest
Geometric mean-
Rate of increase over time-
-number of periods
n
measure of dispersion- can be used to evaluate the reliability of two or more measures of location range=largest – (minus) smallest values in the data set mean deviation- mean of the absolute values of the deviation from the mean
value of each observation is the mean of the values number of observation sample indicates the absolute value variance- mean of the squared deviations from the mean standard deviation- squared root of the variance
